Lev Agent
All 39 headline source and financial checks passed.
All 39 headline financial/source checks pass. The workbook recalculates correctly but has three formula errors in explanation cells and inaccurate map addresses. The memo reverses the downside cash outcome and has a table overlap.
Material claims to inspect
Final answer downside table; PDF pp.4–5 — The combined downside requires cash in because the loan is below the $4.5M payoff.
Source-supported finding: 5,338,641.20 − 4,500,000 − 53,386.412 − 65,000 = +720,254.788 cash to borrower.
The narrative reverses the transaction cash-flow sign despite correct loan sizing.
All review findings (3)
- README lists G32/G34/G37 label cells rather than adjacent H numeric outputs; evaluator located actual outputs and retained both mappings.
- Three explanation cells are stored as formulas and error after recalculation; financial outputs and sensitivities themselves pass.
- Final answer cites the insurer confirmation year as 2025, whereas the plan and PDF memo use 2026. Insurance-evidence check is uniformly excluded.
Every artifact acceptance check (17/20)
| Work product | Check | Outcome | Evidence |
|---|---|---|---|
| Memo | 1 | Pass | Actual delivered PDF opens and rendered text/tables are readable. artifacts PDF; all rendered pages reviewed |
| Memo | 2 | Pass | Cedar Landing, August 31, 2026 and internal refinance purpose are stated. PDF opening title and property discussion |
| Memo | 3 | Pass | Base sources/uses show loan 6,407,490, payoff 4,500,000, origination 64,075, closing 65,000 and cash out 1,778,415. PDF sources and uses |
| Memo | 4 | Pass | Historical NOI 320,000 / NCF 305,600 remain separate from UW NOI 647,395 / NCF 631,795. PDF historical and underwritten tables |
| Memo | 5 | Pass | DSCR binds at 6,407,490, with 1.30x sizing coverage and 9.86% debt yield; year-one IO debt service uses 6.25% contract rate. PDF financing and sizing tables |
| Memo | 6 | Pass | Occupancy, subject-lease rent/expiry/deposit and conditional renewal are discussed against the packet. PDF property and lease section |
| Memo | 7 | Fail | The downside risk narrative incorrectly says the stressed loan falls below the existing payoff and requires cash in. PDF p.4 and p.5: cash-in under combined downside. Its own stressed loan is $5,338,641; payoff is $4,500,000. |
| Memo | 8 | Pass | Supplied underwriting scenario and lender assumptions are explicitly separated from historical actuals; no appraisal or credit commitment claimed. PDF assumptions and scope |
| Memo | 9 | Pass | Source list identifies all five input files with locations for the financial and lease tables. PDF source-reference section |
| Memo | 10 | Fail | The renewal-option row overruns the value column into the source column; this table requires layout cleanup. Rendered PDF p.3, Tenant and lease discussion: Renewal option row. |
| Workbook | 1 | Pass | XLSX opens |
| Workbook | 2 | Pass | Inputs, units, as-of date and source references are identifiable in the delivered workbook. Workbook input/instruction sheets and source notes |
| Workbook | 3 | Pass | Historical and underwritten statements are separate and reconcile to their independently checked totals. T12 and underwriting sheets; historical NOI 320,000 / NCF 305,600; UW NOI 647,395.20 / NCF 631,795.20 |
| Workbook | 4 | Pass | [{"field":"uw_noi_before_reserves","actual":647395.2,"expected":647395.2,"passed":true},{"field":"uw_ncf","actual":631795.2,"expected":631795.2,"passed":true},{"field":"maximum_loan","actual":6407489.51099929,"expected":6407489.510999293,"passed":true}] |
| Workbook | 5 | Pass | {"uw_noi_before_reserves":true,"uw_ncf":true,"maximum_loan":true,"capitalization_value":true,"dscr_limit":true} |
| Workbook | 6 | Pass | [{"field":"capitalization_value","actual":10358323.2,"expected":10358323.2,"passed":true},{"field":"ltv_limit","actual":6214993.92,"expected":6214993.919999999,"passed":true},{"field":"maximum_loan","actual":6214993.92,"expected":6214993.919999999,"passed":true}] |
| Workbook | 7 | Pass | [{"field":"dscr_limit","actual":5792169.90098188,"expected":5792169.900981799,"passed":true},{"field":"maximum_loan","actual":5792169.90098188,"expected":5792169.900981799,"passed":true}] |
| Workbook | 8 | Pass | [{"field":"uw_noi_before_reserves","actual":597925.44,"expected":597925.44,"passed":true},{"field":"uw_ncf","actual":582325.44,"expected":582325.44,"passed":true},{"field":"maximum_loan","actual":5905781.09613376,"expected":5905781.096133807,"passed":true}] |
| Workbook | 9 | Fail | {"formula_errors":["Assumptions!E10: #VALUE!","Field IDs!D33: #VALUE!","Field IDs!D34: #N/A"],"external_links_or_macros":[]} |
| Workbook | 10 | Pass | The main underwriting sheet has readable labels, period columns and unclipped financial outputs. Rendered underwriting sheet; instruction/input and loan-sizing cells inspected |
Inference: $2.167. PostHog trace estimate using OpenRouter model rates; two charged generation events; duplicate run-summary event excluded
- Download underwriting workbookOriginal delivered file · SHA-256 799f277b7cde
- Download financing memoOriginal delivered file · SHA-256 23ffcd7f8e15